MATIC price has been in a downtrend for almost 700 days since the last rally. Last week the altcoin broke above this trend line but failed to break out. Rather, it formed a candlestick in a downtrend and broke down again.
The bullish trend of the weekly RSI supported the possibility of a price rise. Additionally, MATIC price broke the long-term horizontal resistance zone of $0.75, and it is predicted that this level will provide support in the coming days.
If MATIC breaks out as forecast, it could rise 70 percent to the next horizontal resistance at $1.50.
Even if it fails to break out of the long-term trend line, it could lead to a 10 percent decline to the nearest support level of $0.75.
X’s cryptocurrency analysts are also mostly bullish on the future MATIC price trend.
ZAYKCharts notes that there is a possibility of a long-term breakout from the current long-term pattern and the price could reach a new all-time high.
NebraskanGunner and Nihilus also expressed their bullish expectations. However, the analyzes were conducted for the short term, not the long term.